GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and in-process research and development assets resulting from purchase business combinations are not subject to amortization. Other acquired intangible assets with finite lives are amortized over their expected useful lives on a straight-line basis, or if reliably determinable, based on the pattern in which the economic benefit of the asset is expected to be used. The Company expenses costs incurred to renew or extend the term of acquired intangible assets.

The changes in the carrying amount of goodwill, by segment, during the years ended December 31, 2024 and 2023 were as follows:


	United States		Europe		Rest of World		Total
	(in millions)
Goodwill at December 31, 2022	$	710.7	$	56.3	$	297.8	$	1,064.8
Goodwill acquired during the year	—		—		78.4		78.4
Currency translation adjustment	—		1.9		—		1.9
Goodwill at December 31, 2023	710.7		58.2		376.2		1,145.1
Goodwill acquired during the year (Note 10)	429.2		—		205.4		634.6
Currency translation adjustment	—		(3.0)		—		(3.0)
Goodwill at December 31, 2024	$	1,139.9	$	55.2	$	581.6	$	1,776.7

Other intangible assets consist of the following (in millions):


		December 31,
	Weighted-Average Useful Life (in years)	2024						2023
		Cost		Accumulated Amortization		Net Carrying Value		Cost		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets
Patents	10.0	$	138.8	$	(90.5)	$	48.3	$	119.0	$	(87.3)	$	31.7
Developed technology	12.2	665.2		(47.4)		617.8		155.8		(45.7)		110.1
Other	0.0	3.4		(3.4)		—		3.5		(3.5)		—
	12.1	807.4		(141.3)		666.1		278.3		(136.5)		141.8
Indefinite-lived intangible assets
In-process research and development		510.5		—		510.5		257.6		—		257.6
		$	1,317.9	$	(141.3)	$	1,176.6	$	535.9	$	(136.5)	$	399.4

Amortization expense related to other intangible assets for the years ended December 31, 2024, 2023, and 2022 was $5.6 million, $2.2 million, and $2.3 million, respectively. Estimated amortization expense for each of the years ending December 31 is as follows (in millions):


2025	$	9.8
2026	19.1
2027	33.0
2028	56.8
2029	81.3